Year End Wrap: Assessing Your Business
Another year draws to a close, and in the last couple of months, you’ve doubtless been focused on closing transactions and, hopefully, writing your 2020 business plan.
But, developing an attainable plan for the coming year means reflecting on the past year, and not just on the numbers side. Successful entrepreneurs analyze their accomplishments and weaknesses, what could be strengthened in the coming year and the paths to continue down.
Here are a few recommendations for you as you develop your analysis of the past year that will help you tweak plans for the coming one.
Real Estate Year End Planning
- Where did your business come from? You don’t need a fancy spreadsheet to evaluate the source of your sales. Grab a pen and notepad the number of transactions from each source, be they past clients, referrals, or open house. After you calculate the percentage of business from each one, reflect on the amount of time you spent on each category and the changes you need to make to generate more from your top sources. The exercise will enable you to determine where your energy is most productive – useful as you enter the next year.
- Assess your strengths. Not only is it important to analyze the sources of your business, but it’s also key to take a hard look at your own strengths and weaknesses. At what skills do you excel, and how can you use them to achieve even more? List the competencies in which you are deficient and plan for becoming more proficient, whether it’s attending seminars, getting a coach, joining new organizations or role-playing. All of us have areas in which we can improve and there’s no shame in working to improve.
- Time management is always important. In much the same way you listed the sources of sales, it’s important to review how you’ve spent your time each day. Time management is something we discuss often here: It’s a simple task to master but not easy. No matter how many referrals or resources we have at our disposal, poor use of time can tank agents with the most potential. Don’t be that person! Going forward, we suggest using your Friday afternoon to plan your next week. Items undone from the current week will be fresh on your mind and when Monday rolls around, you can pick up where you left off.
- Thank your clients. This one should be the proverbial no-brainer, but it’s best not to make assumptions. There’s no better way to wrap up your year than by giving a sincere gesture of gratitude to the people who have made you successful.
Finally, celebrate your success. Acknowledge your accomplishments, let your hair down for a couple of days, take a deep breath and then make 2020 your best year yet.
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